JSPL buys CIC Energy for $116 mn
Jindal steel and Power Ltd (JSPL) has completed the CIC Energy acquisition for $116 million. The company is likely to make an announcement about this acquisition soon.
A company official confirmed that the deal was signed last night.
CIC is a Canada-based coal miner with mines in Botswana, Africa. JSPL will be spending $100-150 million on infrastructure in the landlocked country to mine and ship the coal.
Earlier JSW energy was in talks to buy the company but the talks fell through.